Letter of credit interest under which head of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2012
Dear Sir.
we have partnership firm,, under one of sales we going with Letter of Credit facility....& we received the interedt on it...now we want to know undred which accounting head it's come.
regards,
amol dhuri
accountant
jain sales corporation
we have partnership firm,, under one of sales we going with Letter of Credit facility....& we received the interedt on it...now we want to know undred which accounting head it's come.
regards,
amol dhuri
accountant
jain sales corporation
06 August 2012
interest on overdue bills (for interest received for delay in payment receipt)credit entry.
if you have discounted the bills, and paid interest to bank then it would be debited as bank interest.
if you have discounted the bills, and paid interest to bank then it would be debited as bank interest.
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